Envestnet Portfolio Solutions Inc. Sells 11,848 Shares of AppLovin Corporation (NASDAQ:APP)

Envestnet Portfolio Solutions Inc. cut its stake in shares of AppLovin Corporation (NASDAQ:APP) by 39.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,937 shares of the company’s stock after selling 11,848 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AppLovin were worth $4,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. FMR LLC raised its stake in shares of AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of AppLovin during the 4th quarter valued at $1,781,922,000. Geode Capital Management LLC boosted its holdings in shares of AppLovin by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after buying an additional 573,310 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of AppLovin by 68.0% during the 4th quarter. Invesco Ltd. now owns 3,018,990 shares of the company’s stock valued at $977,639,000 after buying an additional 1,222,074 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock valued at $936,888,000 after buying an additional 2,373,885 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 6,585 shares of the firm’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $370.23, for a total transaction of $2,437,964.55. Following the transaction, the insider now owns 357,903 shares in the company, valued at approximately $132,506,427.69. This trade represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Barbara Messing sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the sale, the director now directly owns 9,510 shares in the company, valued at approximately $3,637,194.60. The trade was a 13.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 over the last quarter. Company insiders own 13.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on APP shares. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $355.00 to $400.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 3rd. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a research report on Thursday, May 29th. Benchmark reaffirmed a “buy” rating and set a $525.00 price target on shares of AppLovin in a research report on Thursday, May 8th. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Finally, Morgan Stanley increased their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $438.10.

AppLovin Stock Down 5.7%

NASDAQ APP opened at $324.70 on Friday. The stock has a 50 day moving average price of $333.20 and a 200-day moving average price of $334.17. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The company has a market capitalization of $109.88 billion, a P/E ratio of 58.61, a P/E/G ratio of 1.89 and a beta of 2.53. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm posted $0.67 EPS. AppLovin’s quarterly revenue was up 40.3% compared to the same quarter last year. As a group, equities analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

AppLovin Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.